Authorities Reveal Latest Reimbursement Plan, Three Officials Now Under Investigation – Regulation Bitcoin News

Chinese officials in Henan province have announced their new repayment plan. Customers with deposits between $14,827 to $22,240 will be eligible for reimbursement. This is an apparent attempt at pacifying protesting bank customers. Authorities also announced that two officials unidentified from the province were being investigated on suspicion of violating the law.

In August, reimbursements will begin

Authorities in China’s Henan province have reportedly announced plans for another round of repayments to clients of rural banks whose bank accounts have been frozen since April. A repayment program for clients who have deposits in the range of 100,000 to 150,000 yuan ($14.827) or 150,000 to $22.24,240 will be offered.

According to a Reuters report, authorities in the province are now moving to pacify the restive bank clients who have been protesting against the three rural banks’ decision to freeze their funds. Before the latest announcement, some officials in the province had reportedly used the country’s Covid-19 regulations to block planned protests.

However, as reported by News, angry bank clients were later able to picket outside the central bank’s offices in Henan. Following reports of the rare protests, some social media users began circulating videos of military tanks seemingly moving to protect the central bank’s offices from protestors. Others claimed that the tanks had been on display in Shandong, a province more than 440 km away.

Investigators are looking into three officials

Although Chinese officials have yet to comment on the protests directly, a statement reportedly made by China Banking and Insurance Regulatory Commission(CBIRC), suggested that two officers, one from the Henan province and the other from a sub-office were being investigated for violating the law.

In addition, the Central Commission for Discipline Inspection in Henan also announced that it is now investigating an official charged with overseeing financial stability at the central bank’s office in the provincial capital, Zhengzhou. According to the report, this unnamed official was accused of serious disciplinary violations.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.

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